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Zac McClure is the co-founder and CEO of TokenTax. Today he chats with Kevin about that thing you're all avoiding: crypto and NFT taxes and the implications of your trading habits. As the IRS begins to formulate more precise guidelines around how crypto and NFTs are taxed, Zac strongly recommends a basic understanding of great write-off opportunities and awareness of taxable events that could crush you.
LINKS
- Crypto Tax Software and Accounting | TokenTax
- Zac McClure | Twitter
- 6 Reasons Why You Shouldn't Procrastinate on Your Taxes | GOBankingRates
- DeFi vs. CeFi: Understanding the Differences | 101 Blockchains
- Cryptocurrency: Understanding Taxable and Non-Taxable Events | Tax Lawyer Blog
- Borrow & Lend on the Leading NFT Liquidity Protocol | NFTfi
- Cryptocurrency Exchange | Poloniex
- The Complete Guide to Cryptocurrency Tax Audits | CoinLedger
- Wash-Sale Rule: What Is It, Examples, and Penalties | Investopedia
- Intro to NFT Tax Loss Harvesting | TokenTax
- The Liz Truss Era Begins With a Bungled Tax Plan That May Cost UK Conservatives | Vanity Fair
- How Does the $10,000 Limit on State and Local Tax Deductions Work? | The Motley Fool
- Coinbase Says Reddit’s Success Highlights the Potential for NFTs | CoinDesk
- How Amazon Quietly Powers the Internet | Forbes
- TokenTax’s Zac and Alex: The Ultimate Crypto Tax Deep Dive | Delphi Digital
- Is IRS Hiring 87K New Agents To Audit Middle-Class Americans? | Snopes
- Get Ready for a Swarm of Incompetent IRS Agents in 2023 | Cointelegraph
- The Blockchain Data Platform | Chainalysis
- Cryptocurrency Exchange | KuCoin
- Decentralized Exchange | Trader Joe XYZ
- A Digital Nation | Axie Infinity
- Lender Beware: The Potential DeFi Tax Trap | CoinDesk
- Portugal's New Crypto Taxes Can't Stop the Party | Bloomberg
- Tax Deductions for Crypto Donations | TokenTax
NOTES
- [00:00] Intro.
- [02:54] Don't procrastinate when it comes to NFT and crypto-related taxes.
- [05:12] Services offered by TokenTax.
- [13:11] Why different crypto tax software may return wildly different numbers.
- [16:05] Simplifying reconciliation.
- [17:21] Audit-worthy red flags.
- [20:04] In the absence of clear guidance, use common sense.
- [27:28] Finding reliable tax advice.
- [31:41] Tools for NFT collectors.
- [36:19] Spotting trends.
- [39:30] Mapping the future of TokenTax.
- [42:20] Conversations with the IRS.
- [47:35] Common mistakes to avoid.
- [56:12] Why moving to another country may not absolve your tax liability.
- [59:08] Parting thoughts.